New cars are a little different than used cars when dealing with bad or negative credit. Sometimes, strangely enough, new cars are a bit easier to sell! In Kentucky, banks limit the cap or maximum interest rate on a new vehicle to 18.23%. Used vehicles they can go as high as 24.99%. On the flip side, banks also charge dealers a hefty fee to do the loan. That plays a role into getting you the best loan possible with the correct vehicle that fits your needs.
The plus side to buying a new car with bad credit, is the rebates. Generally the rebates can be shown as money down in the banks eyes. If you do have some negative equity, this is a great way to help dig you out of your current car. You can also refinance your higher rate a year or so down the road will help lower your payment while reestablishing your credit.
New cars you also gain full factory warranty! With Hyundai, that means 10 years or 100,000 miles of powertrain warranty. That's better than what you have now. With technology advances, this means you'll probably gain higher gas mileage, too.
A big thing you need to focus on. Make sure you're using a great dealer. Make sure they have your needs first before theirs. Do a simple bbb check on them. Check their google score. Check with your friends and family about previous experiences they've had, too!
If I can help, let me know! You are welcome to email me zach.dunn@glennautomall.com or visit my website www.glennautomall.com. I can provide pre-approval for you the best I can, help find the best vehicle for you and treat you with respect throughout the whole experience.
Having bad or negative credit sucks, but reestablishing doesn't have to suck! I can help!
Peace,
Zach
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